Which One of the Following Groups of Accounts Contains Only

question 65

Multiple Choice

Which one of the following groups of accounts contains only liabilities?

• A)Accounts payable, retained earnings, notes payable.
• B)Supplies expense, cost of goods sold, interest expense.
• C)Wages payable, mortgage payable, taxes payable.
• D)Contributed capital, accounts payable, retained earnings.

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Definitions:

Expenses

Costs incurred in the process of generating revenue, representing the value of resources used up or consumed.

Building Expenses

Costs associated with the operation, maintenance, and repair of a building.

Indirect

A method or manner not directly implemented, often referring to costs that are not directly attributable to a specific product or activity.

Square Footage

A measure of area used primarily in the real estate, construction, and interior design industries, indicating the total square feet of a space.